Bitcoin Solves Two Of The Biggest Problems Merchants Face When Accepting Card Payments

When it comes to accepting electronic payments, merchants have a number of pain points. The two biggest ones are paying acceptance fees and fighting chargebacks.

Acceptance fees are charged by a number of players in the payments value chain, from payment processors to banks. For credit cards the fees hover around 2-3% of the value of a transaction. The fees have sparked litigation from retailers against the card networks who set the fees.

Chargebacks occur when a cardholder successfully disputes a charge. Fighting chargebacks is an expensive process for retailers and many opt to take the loss rather than deal with the hassle.